-- Published: Monday, 20 April 2015 | Print | Disqus
COMEX FUTURES REPORT
There are no big US economic data releases this week. It will be a technical trade with Asian demand as the key. Next week is the FOMC meet. There will be profit taking in short euro positions which should result in higher gold and silver prices. Apart from Greece, the FOMC meet will be the key driver for the rest of the month.
The next three weeks are very crucial for gold and silver from a medium term perspective. The recent range trade will be broken soon. Indian demand for gold and silver will fall after the first week of May (unless prices fall).
TODAY
Gold needs to trade over $1205 for the whole week to attract short covering. Silver needs to trade over $1599 for the whole week to be in a bullish zone.
COMEX GOLD JUNE 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,179.10 | $1,184.40 | $1,189.90 | $1,195.60 | $1,207.60 | $1,210.30 | $1,214.90 | $1,221.30 |
SILVER MAY 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$1,579.00 | $1,592.00 | $1,602.00 | $1,619.00 | $1,637.00 | $1,661.00 | $1,679.00 | $1,696.00 |
COPPER MAY 2015 TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$268.90 | $271.30 | $273.10 | $275.30 | $279.10 | $280.20 | $283.60 | $288.10 |
CRUDE OIL (1st Contract) |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$53.10 | $54.10 | $54.90 | $55.30 | $56.70 | $57.70 | $58.90 | $60.30 |
All prices are in US dollar ($) above. Only for reference |
COMEX TECHNICAL VIEW
COMEX GOLD JUNE 2015 – current price $1204.20
Bullish over $1199.10 with $1208.10 and $1215.30 price target
Bearish below $1187.10 with $1181.90 and $1173.60 as price target
Neutral Zone between $1187.10 and $1199.00
Jobbers aggressive buy over: Buying on sharp dips with a stop loss below $1187 OR buy if gold trades over $1208 either in the UK session or the US session.
Jobbers aggressive sell below: Selling only if gold trades below $1187 either in the UK session or the US session stop loss $1192.20 for $1184.10 and $1179.10
- Gold needs to fall below $1196 or break and trade over $1214 for direction.
- There will be buyers on dips as long as gold trades over the $1177-$1180 zone
- Trade very carefully between (a) $1184 and $1191 zone (b) $1206-$1215 zone.
COMEX SILVER MAY 2015 – current price $1624.00
Bullish over $1605 with $1651 and $1672 as price target
Bearish below $1586 with $1569 and $1543 as price target
Neutral Zone between: $1605 and $1586
Jobbers aggressive buy over: Buy over $1630 stop loss $1619 for $1645-$1662 and (use a strict stop loss in this call)
Jobbers aggressive sell below: There will be another wave of selling if silver trades below $1599 either in the UK session or the US session to $1581 and $1571
- Silver needs to trade over $1605 for the whole day to rise to $1661-$1686
- Bearish trend will be there (a) only if silver trades below $1605 in the US session and more so after 8:00 pm IST (+5:30 GMT).
- Jobbers watch $1630 and $1605.00 all the time.
COMEX COPPER MAY 2014 – current price $278.30
Bullish over $273.10 with $283.30 -$291.10 as price target
Bearish below $268.10 with $265.40-$261.10 as price target
Neutral Zone between: $268.10 and $273.10
- Key resistance is at $283. Only a break of $283 will result in another wave of rise.
- There will be sellers only if copper trades below $274 either in the UK session or the US session.
NYMEX CRUDE OIL (1ST CONTRACT) - current price $56.37
Bullish over $55.10 with $57.70-$59.10 as price target
Bearish below $54.10 with $52.70 and $51.90 as price target
Jobbers buy over: Buy over $57.10 stop loss $56.40 for $57.70-$59.10
Jobbers sell below: Sell below $56.10 stop loss $56.70 for $54.90 and $52.30
- The 100% retracement is at $58.98. Only a break of $58.98 will result in another wave of rise.
- Initial support is at $54.10. As long as crude oil trades over $54.10 downside risk will be limited.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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UK session starts around 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 6pm pm Indian Standard Time (+5:30 GMT)
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Monday, 20 April 2015 | E-Mail | Print | Source: GoldSeek.com
